We’ve prepared RC build of IntelliJ IDEA 11.1.3 (build 117.728). The new build is compatible with latest Android 4.1 SDK. All fixed issues are listed here. Please test drive the new build from the EAP page or update from the IDE using “Check for updates”.
Update: Original EAP build 117.721 contained patch application problem. We released updated EAP build 117.728.